Technical outlook and chart setups:
The EUR/USD pair has been drifting sideways in a 150-pip trading range between 1.1300 and 1.1450 respectively, as seen here on the 1H chart. The pair had rallied from 1.1100 to 1.1530 earlier and then retraced lower to the fibonacci 0.618 support at 1.1260 levels. It is recommended to remain long and also add further at the current price, with a risk at 1.1200. Immediate support is seen at 1.1250/60 followed by 1.1100 while resistance is seen at 1.1500 levels (interim) followed by 1.1650, 1.1850 and higher respectively. Bulls are expected to remain in control till prices stay above 1.1250 levels.
Trading recommendations:
Remain long for now, stop at 1.1200, a target is 1.1800.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
